Every year you receive your annual homeowner’s insurance premium notice usually 30 days prior to renewal date. Do you just renew your policy without considering the cost and coverage? Many of us just assume that your existing insurance company is providing you with the best rate and coverage for your situation since you are an existing customer.
So before you just renew your annual homeowner’s policy you may want to check to see if your existing insurance provider is offering you the best price on your existing policy. But don’t let cost be the only determining factor when considering changing your homeowner’s insurance provider.
Here are some other factors to consider before you decide if you should change insurance providers with your next premium renewal:
- What amount of coverage does your policy cover? Its it enough or is it too much?
- Does the new company provide excellent customer service?
- How is the new company rated? Will they be there when you need them.
- What will your new deductible be? Is it higher or lower than your existing deductible?
- Will you receive any discounts by consolidating your auto and homeowner’s policy?
- Will your insurance coverage change with the new policy? Will you still have the same type of coverage or will you have additional coverage?
Always make sure you are comparing apples to apples when considering a change.
Take action when you receive your next policy premium notice by reviewing your homeowner’s insurance premium instead of just renewing it. It may take some time but it will benefit you with cost saving or better policy coverage.
Til next week take one step at a time to simplify your personal financial life.